Volt Information Sciences, Inc. (OTC: VISI) today provided a
business update and reported selected unaudited financial
information for its fiscal 2011 fourth quarter ended October 30,
2011. The Company noted that, due to a previously announced
accounting review, all numbers presented in this release are
estimates.
Steven Shaw, Volt’s President and Chief Executive Officer,
stated, “The Staffing Services Segment, which accounts for a
majority of the Company’s total revenue, had approximately $473
million of revenue in the fiscal fourth quarter 2011 compared to
approximately $467 million for the same period in 2010. Staffing
Services revenue increased approximately 1% for the quarter, and
approximately 11% year-to-date, compared to the prior year. On
average, approximately 31,900 U.S. staffing employees were on
assignment in the quarter, compared to approximately 31,800 in the
fourth quarter of 2010. “
The Telecommunications Services segment reported improved
results in the fourth quarter 2011 compared to the prior year’s
quarter with approximately break-even operating income resulting
from previously announced exiting of certain business lines. The
Other reportable segment reported a small operating income,
slightly improved from the small operating income reported in the
prior year’s quarter. Results for the Computer Systems Segment will
be reported after the accounting review is completed.
Liquidity
During the fiscal year 2011, the Company disbursed approximately
$46 million in connection with the restatement and related
investigations costs while cash of approximately $15 million was
provided by all other operating activities, and approximately $12
million was disbursed for net capital expenditures. The Company
transferred approximately $4 million during this fiscal year to
restricted cash as collateral for new European banking facilities,
and borrowings under the accounts receivable securitization program
increased by approximately $40 million, although this was
subsequently reduced by approximately $10 million in January
2012.
On October 30, 2011, the Company had cash and cash equivalents
of approximately $43 million and an additional approximately $34
million of cash set aside and restricted as collateral for foreign
currency credit lines and banking facilities. The Company also had
approximately $60 million available from its accounts receivable
securitization program. Excluding the approximately $10 million of
non-current debt, the Company’s consolidated borrowings were
approximately $113 million at October 30, 2011, which includes
approximately $23 million of primarily foreign currency borrowings
used to hedge foreign denominated receivables and fully
collateralized by the restricted cash, and approximately $90
million drawn under the $150 million securitization program. The
approximately $90 million drawn under the securitization program
was reduced to approximately $80 million in January 2012.
On January 27, 2012 the liquidity facility of Volt’s
securitization program was extended from March 15, 2012 to
September 15, 2012, and the requirement that the Company provide
audited financial statements for its fiscal 2011, 2010 and 2009
years by February 7, 2012 has been extended to September 15, 2012.
No amendments were required to any of the Company’s or any
subsidiary’s other credit facilities, including the Company’s $42
million bank credit agreement.
The Company believes that it has more than ample liquidity to
meet its business requirements currently and for the foreseeable
future.
VOLT INFORMATION SCIENCES, INC.
Unaudited, Estimated Condensed Statements of Cash Flows
(in Thousands)
Fiscal Year Ended Three Months Ended October 30, October 31,
October 30, October 31, 2011 2010 2011 2010
Cash and cash equivalents at beginning of the period $51,263
$118,757 $32,982 $45,097 Cash used in connection with
restatement and related investigations (46,264) (21,429) (9,619)
(7,771) Net cash provided by all other operating activities 15,332
605 9,655 17,327 Net cash used in operating activities (30,932)
(20,824) 36 9,556 Net cash used in investing activities
(12,498) (14,266) (964) (3,606) Net cash restricted as
collateral for borrowings (3,762) (30,429) 912 (1,661) Net cash
provided by (used in) all other financing activities 39,280 (1,975)
10,385 1,877 Net cash provided by (used in) financing activities
35,518 (32,404) 11,297 216 Net (decrease) increase in cash and cash
equivalents (7,912) (67,494) 10,369 6,166
Cash and cash equivalents at end of the
period
$43,351 $51,263 $43,351 $51,263
Note: Due to the pending restatement of the Company’s historical
financial statements (see discussion in the release text), all
financial numbers presented in this release should be considered
estimates.
Borrowing and Cash Positions (in
Thousands)
October 30,
October 31, 2011 2010 Cash and cash equivalents $43,351
$51,263 Cash restricted as collateral for borrowings 34,190 30,429
Short-term investments 5,511 5,226 Total cash, cash restricted for
borrowings and short-term investments $83,052 $86,918
Short-term borrowings, including current portion of long-term debt
Accounts receivable securitization program $90,000 $50,000 Bank
loans and other 23,330 23,140 Long-term debt, excluding current
portion 9,817 10,626 Total short-term borrowings and long-term debt
$123,147 $83,766
Note: Due to the pending restatement of the Company’s historical
financial statements (see discussion in the release text), all
financial numbers presented in this release should be considered
estimates.
Preliminary Nature of Information
The financial information contained in this press release is
preliminary and unaudited, and has been prepared by management
based on currently available company data. This financial
information is subject to change based on the completion of the
Company’s ongoing review of accounting matters, the completion of
its fiscal 2011, 2010 and 2009 annual financial statements, the
effects of the accounting review on financial results for the
fiscal years 2005 through 2008, the restatement of stockholders’
equity as of the beginning of fiscal year 2005 for the effects of
adjustments prior to that year, and the completion of the audit of
the financial statements by the Company’s independent accountants.
The process of restating prior years’ financial statements is
expected to result in changes to the Company’s financial statements
for fiscal years 2005 through 2008 due to the correction of errors
in the application of certain accounting principles and
methodologies that individually or in the aggregate may be
material. There can be no assurance that the amounts reported today
will not differ, including materially, from those reported when the
Company files its 2011, 2010 and 2009 Form 10-Ks and other
reports.
Since the re-evaluation is ongoing, the Company has limited the
scope of the financial information released today to the selected
unaudited financial information included in this release. The
Company does not expect to be in a position to announce audited
financial results for fiscal 2011, 2010 or 2009 (or prior years)
until appropriate accounting adjustments and restated financial
statements have been finalized for 2008 and prior periods, its
independent accountants have completed their audit procedures, and
amended Reports on Forms 10-K and 10-Q have been filed with the SEC
for the periods ended October 28, 2007 and November 2, 2008 and for
quarterly periods through May 3, 2009.
Please refer to the Company’s reports filed with the SEC for
further information.
About Volt Information Sciences, Inc.
Volt Information Sciences, Inc. is a leading provider of global
infrastructure solutions in technology, information services and
staffing acquisition for its FORTUNE 100 customer base. Operating
through an international network of servicing locations, the
Staffing Services Segment fulfills IT, engineering, administrative,
and industrial workforce requirements of its customers, for
professional search and temporary/contingent personnel as well as
managed services programs. Technology infrastructure services
include telecommunications engineering, construction, and
installation; and IT managed services and maintenance.
Information-based services are primarily directory assistance,
operator services, database management, and directory printing.
Visit www.volt.com.
Forward-Looking Statements
This press release contains forward-looking statements. Words
such as “may,” “will,” “should,” “likely,” “could,” “seek,”
“believe,” “expect,” “plan,” “anticipate,” “estimate,”
“optimistic”, “confident”, “project,” “intend,” “strategy,”
“designed to,” and similar expressions are intended to identify
forward-looking statements about the Company’s results of
operations, future plans, objectives, performance, intentions and
expectations. Forward-looking statements are subject to a number of
known and unknown risks, including, among others, the timing of,
and effects of the continued delay in, filing the Company’s
financial statements with the Securities and Exchange Commission,
general economic, competitive and other business conditions, the
degree and timing of customer utilization and rate of renewals of
contracts with the Company, and the degree of success of business
improvement initiatives, that could cause actual results,
performance and achievements to differ materially from those
described or implied in the forward-looking statements. Information
concerning these and other factors that could cause actual results
to differ materially from those in the forward-looking statements
are contained in Company reports filed with the Securities and
Exchange Commission.
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